Page No 5.94:
Question 5:
Following are the
extracts from the Balance Sheet of MAH Ltd. as at 31st March, 2021:
|
Particular |
31st March 2021 ( `) |
31st March 2020 ( `) |
|
Surplus,
i.e., Balance in Statement of Profit and Loss |
10,00,000 |
5,00,000 |
|
Dividend
Payable |
50,000 |
– |
Additional
Information:
Proposed Dividend for the years ended 31st March, 2020 and 2021 are ` 4,00,000 and ` 5,00,000 respectively.
Prepare the Note to show Net Profit before Tax and Extraordinary Items.
Answer:
|
|
Particulars |
Amount ( `) |
|
|
Profit as per Statement of Profit and Loss (10,00,000 – 5,00,000) |
5,00,000 |
|
|
Add: Proposed Dividend (Current
Year) |
4,00,000 |
|
|
Profit Before Taxation and Extraordinary Items |
9,00,000 |
Page No 5.94:
Question 6:
Following is the
extract from the Balance Sheet of Zee Ltd.:
|
Particular |
31st March 2021 ( `) |
31st March 2020 ( `) |
|
Equity
Share Capital |
8,00,000 |
8,00,000 |
|
10%
Preference Share Capital |
6,00,000 |
6,00,000 |
|
Surplus
i.e., Balance in Statement of Profit and Loss |
7,20,000 |
4,00,000 |
|
Unpaid Dividend |
20,000 |
– |
Additional Information:
(i) Proposed dividend on equity shares for the year 2021-20 and 2020-21 are ` 1,60,000 and ` 2,00,000 respectively.
(ii) An Interim Dividend of `40,000 on Equity Shares was paid.
Calculate Net Profit before Tax and Extraordinary Items.
Answer:
|
|
Particulars |
Amount ( `) |
|
|
Profit as per Statement of Profit and Loss (7,20,000 – 4,00,000) |
3,20,000 |
|
|
Add: Proposed Dividend (Current
Year) |
1,60,000 |
|
|
Add: Proposed Preference Dividend (Current
Year) 10% of 6,00,000 |
60,000 |
|
|
Add: Interim Dividend |
40,000 |
|
|
Profit Before Taxation and Extraordinary Items |
5,80,000 |
Page No 5.94:
Question 7:
Calculate Net
Profit before Tax and Extraordinary Items of Premier Sales Ltd. from its
Balance Sheet as at 31st March, 2021:
|
Particulars |
Note No. |
31st March, 2021 ( `) |
31st March, 2020 ( `) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
1.
Shareholders' Funds |
|
|
|
|
(a)
Share Capital |
|
5,00,000 |
5,00,000 |
|
(b)
Reserves and Surplus |
|
2,00,000 |
1,45,000 |
|
2.
Current Liabilities |
|
|
|
|
(a)
Trade Payables |
|
90,000 |
50,000 |
|
(b)
Other Current Liabilities |
|
20,000 |
10,000 |
|
(c)
Short-term Provisions |
1 |
50,000 |
30,000 |
|
Total |
|
8,60,000 |
7,35,000 |
|
II.
ASSETS |
|
|
|
|
1.
Non-Current Assets |
|
|
|
|
(a)
Fixed Assets |
|
4,50,000 |
4,00,000 |
|
(b)
Non-Current Investments |
|
50,000 |
1,50,000 |
|
2.
Current Assets |
|
2,60,000 |
1,85,000 |
|
Total |
|
8,60,000 |
7,35,000 |
Notes to Accounts
|
Particulars |
31st March, 2021 ( `) |
31st March, 2020 ( `) |
|
I.
Short-term Provisions |
|
|
|
Provision
for Tax |
50,000 |
30,000 |
|
|
|
|
Additional Information:
(i)
Proposed Dividend for the years ended 31st March, 2020 and 2021 are ` 50,000 and ` 75,000 respectively.
(ii) Interim Dividend paid during the year was ` 10,000.
Answer:
|
|
Particulars |
Amount ( `) |
|
|
Profit as per Statement of Profit and Loss (2,00,000 – 1,45,000) |
55,000 |
|
|
Add: Proposed Dividend (Current Year) |
50,000 |
|
|
Add:
Provision for Taxation (Current Year) |
50,000 |
|
|
Add: Interim Dividend Paid |
10,000 |
|
|
Profit Before Taxation and Extraordinary Items |
1,65,000 |
Page No 5.95:
Question 8:
From the following information, calculate Net Profit before Tax and Extraordinary Items:
|
|
` |
|
Surplus,
i.e., Balance in Statement of Profit and Loss (Opening) |
1,00,000 |
|
Surplus,
i.e., Balance in Statement of Profit and Loss (Closing) |
3,36,000 |
|
Dividend
paid in the current year |
72,000 |
|
Interim
Dividend Paid during the year |
90,000 |
|
Transfer
to Reserve |
1,00,000 |
|
Provision
for Tax for the current year |
1,50,000 |
|
Refund
of Tax |
3,000 |
|
Loss
due to Earthquake |
2,00,000 |
|
Insurance
Proceeds from Earthquake disaster settlement |
1,00,000 |
Answer:
|
Cash Flow Statement for the year ended… |
||
|
|
Particulars |
Amount (
`) |
|
A |
Cash Flow from Operating Activities |
|
|
|
Profit as per Statement of Profit and Loss (3,36,000 −
1,00,000) |
2,36,000 |
|
|
Add: Transfer to Reserve |
1,00,000 |
|
|
Proposed Dividend |
72,000 |
|
|
Interim Dividend |
90,000 |
|
|
Provision for Tax |
1,50,000 |
|
|
Extraordinary Items
(Loss due to Earthquake) |
2,00,000 |
|
|
Less: Extraordinary Items (Insurance
Proceeds from Earthquake
disaster
settlement ) |
(1,00,000) |
|
|
Refund of Tax |
(3,000) |
|
|
Net Profit before Tax and
Extraordinary Items |
7,45,000 |
|
|
|
|